Financial Matters: Pre-approval

PORTSMOUTH, Va. (WAVY) – Let’s say you and your sweetheart have settled down and you’re looking for a home to call your own. You’ll need a mortgage, and that process starts with a “Pre-Approval.”

Tim Branson, Mortgage Originator with BayPort Credit Union, was on The Hampton Roads Show to tell us more.

Information provided by BayPort Credit Union:

*What is needed in order to have a successful mortgage loan approval?

Income – Lenders will need pay stubs, W-2s and tax returns
Credit/Debts – Pa y off any excessive debt
Assets – Lenders will need asset statements (bank, 401K, stocks/bonds, etc)

*How long does it take to prepare the “pre-approval?”

Shouldn’t take longer than 48-hours. If you are refinancing your home, the process takes about 30 to 40 days.

*What does the “pre-approval” do for you?

Once you have been “pre-approved,” you will receive a certificate stating what you have been approved for. That certificate lets your real estate agent know what houses to show you in your price range and also once you have decided on a home, it lets the seller know that you are serious and you can afford it.

For more information, stop by any of the 16 BayPort Credit Union locations across Hampton Roads or log on to their website BayPortCU.org.

This segment of The Hampton Roads Show is sponsored by BayPort Credit Union.

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